AG vs ASM: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ASM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AG and ASM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AG and ASM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

First Majestic Silver Corp. (NYSE: AG) is a precious-metals producer that operates four underground mines in Mexico: San Dimas in Durango, Santa Elena in Sonora, La Encantada in Coahuila, and Cerro Los Gatos in Chihuahua. The company mines silver and gold as its primary products, along with byproduct zinc, lead, and copper. In January 2025 First Majestic completed its roughly $1.05 billion all-stock acquisition of Gatos Silver, adding a 70% interest in the Los Gatos joint venture and lifting 2025 silver production to a record 15.4 million ounces, up about 84% from the prior year.

Full AG guide

Avino Silver & Gold Mines Ltd. (ASM), based in Vancouver, Canada, is a precious-metals producer whose main operation is the Avino mine near Durango, Mexico. The mine produces silver, gold, and copper from underground ore that is processed at the company's mill, and Avino reports its output in silver-equivalent ounces that blend all three metals at prevailing prices. In Q1 2026 the company produced roughly 263,000 ounces of silver, about 1,851 ounces of gold, and roughly 1.34 million pounds of copper, for about 568,000 silver-equivalent ounces, and reported a record quarterly revenue of about $39.4 million. The company makes money by selling concentrate, so its results move closely with silver and gold prices and with how much ore it can mine and mill.

Full ASM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AG drivers: Silver and gold price leverage; Los Gatos integration and scale.
• ASM drivers: Production growth; La Preciosa development.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The single largest risk is the silver price itself: a sustained decline would compress margins far faster than the metal falls because mining costs are largely fixed. For ASM, avino's results are tied to silver and gold prices, which are cyclical and can fall sharply, compressing margins against a largely fixed cost base.

Pick AG if you believe its drivers more; ASM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AG and ASM guides.

AG. First Majestic posted record Q1 2026 revenue of about $476.7 million, up roughly 95% year over year, with net earnings near $128 million and EPS around $0.26 as silver and gold prices surged. The stock trades at a trailing P/E in the low 30s and a forward P/E near 18, reflecting expectations that elevated metal prices continue. The dividend yield is negligible (well under 1%), so the return case rests almost entirely on the metal price and production.

ASM. Avino's earnings are commodity-driven, so its revenue, margins, and valuation move with silver and gold prices as much as with company-specific execution. Reported multiples can look reasonable after a strong metals year but can shift quickly if prices reverse. The market tends to value small producers like Avino on production growth, costs, and metals-price expectations rather than on stable, predictable earnings.

Headline figures (approximate, Q1 2026): AG shows q1 2026 revenue ~$477M, q1 2026 net earnings ~$128M, q1 2026 eps ~$0.26, q1 2026 free cash flow ~$224M; ASM shows revenue (fy2025) ~$92.2 million, a record, up from the prior year, net income (fy2025) ~$26.6 million, up sharply year over year, production (fy2025) ~2.6 million silver-equivalent ounces; 2026 guidance ~2.4 to 2.7 million, aisc (fy2025) ~$23.75 per silver-equivalent ounce, up from ~$20.57.

AG and ASM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AG and ASM exposure against your real portfolio. It is not an investment adviser.